Ever wonder how senior trade finance professionals actually got here? In this Spotlight, we sit down with Dennis Noah — retired banker and IIBLP Associate Director — to talk career paths, lessons learned, and where he sees trade finance and compliance heading next.
Looking back, how did you first come into this business — and what do you think originally drew you to it?
To state it simply I needed a job. After I was discharged from the military and was married (Jan. 1970), I earned a private pilot's license. I entered commercial pilot training. I did not have the money to complete the many additional certifications required to become a professional pilot. I flew for a couple more years as a private pilot, but I needed a job. My wife's grandfather was a barber to many executives in St. Louis. He introduced me to the Chairman of the largest local bank and they hired me as a clerk in check processing. After about a year I was invited to interview for the international banking management training program and was successful. My boss was an experienced, old school international banker and we spent dozens of nights after work until the wee hours talking about our business. I found it absolutely fascinating. I was hooked and never looked back.
Over the course of your career, what has changed most in how you see the industry or your role within it?
Technological advancements. From typing on paper each LC to word processing to true LC applications with customer direct access. From facit punch telex issuances with manual test keys to SWIFT with Greta coders to end-to-end processing to SWIFT. From reporting that had to be programmed to on-demand reporting by the bank and customers without programming. From UCP222 to UCP600, ISP98, revised Article 5 and more specific clear standard practices and laws. The birth of the Institute [of International Banking Law & Practice]. The Dennis of the early 1970s, if transported in time to today, would not recognize today's technological world.
What has kept you engaged in this field over the long term, even as the work and the rules have evolved?
I participated in many of the rule & law changes since 222. In my 50-year career in the industry I was active most of the time in these enhancements. In different committees to a chairman of the MACIB then IFSA and many practice and law initiatives over the years which was enormously satisfying. The interaction with hundreds of people in our industry both in the US and many foreign countries. Frankly, I found all of this fun and kept my interest in a fast-moving industry.
From your vantage point today, what do you think the industry gets right — and what do you think it still struggles with?
I think we have the technology and the standard practices that today provides more clarity and certainty in our industry which is what we got right. It also reduced human errors, costs and increased efficiencies. On the other hand, I think we are so involved in the rules, technology which has minimized the need for in-depth training so much that we have lost widespread individual expertise. Given the latter, I also believe that we are too inward-looking that we sometimes forget we are a customer-centric service. For example, customers see us a needed inconvenience especially with discrepancies. They just want to have their transaction completed without problems. Customers pay our salaries. Our focus is less flexible, but more policy, rule, legal, budgets, compliance and technology-driven.
We are a people business and picking up the phone or face-to-face meetings are replaced by emails and computer communications.
We are a people business and picking up the phone or face-to-face meetings are replaced by emails and computer communications. I think our industry personality has become muted. When was the last time you called on a phone or visited a customer without an agenda, just to say hello, ask “How are things?”, and say “Glad you are our customer”. We have lost the ability to appreciate and understand other cultures and people.
We tend to judge different ways of doing business in the various countries as a challenge rather than a learning opportunity. I know this sounds harsh and we are like the rest of the business world, but we have lost our human touch. I have learned so much by visiting people around the world and meeting peers in various seminars and by picking up the phone to ask how they do a particular task. Personal interactions provide more context by seeing a person's face and body language. I was fortunate to have such an opportunity to live through and participate in the evolution of our industry.
Is there a particular moment, case, deal, or decision that meaningfully shaped how you approach your work now?
I have been involved in legal cases on three continents as a banker or consultant that have shaped my view of risks and services. Been involved in management of US and European branches. I traveled as a banker to over 40 countries meeting all kinds of bankers, businesspeople, lawyers, and government officials. I attended many, many global seminars as a participant, speaker, or organizer. I have held positions in international and domestic bank operations, sales, compliance, consultant and various government and private groups. I was around before, during, and after the enhancements brought about by technology, SWIFT (participating in the early meetings of its development), the evolution of practice, law (Revised UCC Article 5), etc.
As a result, I believe that all of these experiences on a cumulative basis have given me the ability to view things both from macro and micro levels with a significant number of histories with plenty of "war" stories from a retired old guy. It was a wonderful ride.
What responsibility do experienced professionals have to the next generation entering trade finance and compliance?
I believe that we have lost the ability to train the truly comprehensive (historical) experts due to the ease of the use of technology and budget constraints. If I can advise the current generation of managers, it would be to get out there, meet your peers, go to seminars like those provided by the Institute, and send your people out there to meet face to face. We are a people business, but technology is a double-edged sword which has replaced personal communications and the need to know your peers. I dislike online meetings and seminars; too impersonal.
Fun one to end: What’s the last song you listened to on repeat — or where was your most recent vacation?
"Flowers" by Miley Cyrus. Hawaii was our last year's vacation.
Michael is the CEO of IIBLP and the Publisher of DCW. Michael has over 25 years of professional experience including 15 in trade finance and compliance, and has written and spoken extensively.
